The Zhitong Finance App learned that COSCO Haineng (01138)'s stock price was higher. As of press release, it had risen 4.28% to HK$18.28, with a turnover of HK$122 million.

According to the news, VLCC freight rates stopped falling and rebounded last week. The Middle East-China VLCCTCE recently rose to 1.351,000 US dollars/day; the US Gulf and West Africa routes rebounded simultaneously; the US Bay - China rose to 496,000 US dollars/day, West Africa - China rose to 641 thousand US dollars/day; small boat freight rates continued to be pressured, and the TCE of Suez ships dropped to 583,000 US dollars/day, and Aphra ships dropped to 312,000 US dollars/day.

COSCO Haineng's revenue for the third quarter of this year was 10.097 billion yuan, up 82.89% year on year; net profit attributable to shareholders of listed companies was 2,844 billion yuan, up 235.04% year on year, up 19.9% month on month. Shen Wan Hongyuan said that net profit for the 3rd quarter was slightly lower than the bank's forecast of 3.32 billion yuan, mainly due to an increase in tax rates. From the beginning of September to October 23, the average VLCC freight rate was about 556,000 US dollars/day, a sharp increase of 270% over the third quarter. It is expected that tanker performance will increase significantly in the fourth quarter.

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